Today’s Investment market has grown beyond traditional assets. While stocks, bonds, and mutual funds are still common portfolio inclusions, there are many other avenues that can also be rewarding in the long run, if you are willing to put in the time. One such avenue is Real Estate investment in Turkey, which can be a great way to build money for your retirement. However, it’s not for everyone. Real estate investment takes dedication, research, and planning. If you are interested in investing in real estate, here are some tips to guide you to a successful investment in the Turkish Real Estate market.
1. Know your Numbers.
Real Estate investments are generally not cheap, whether you have the funds or are willing to take out a loan to invest in Real Estate it can be much worth it, but it’s not as easy as buying property and waiting for it to make a profit. As an Investor, you need to know that there are additional costs to keep in minds such as basic maintenance, yearly upkeep, upgrades, and expenses like utilities and taxes.
Also if you are taking a loan to invest in Real Estate Everything has a cost, so be sure to factor everything. Know what you are getting into before jumping in as there is added on interest to your purchase.
2. What property are you investing in?
We have established that you have enough set aside for real estate investment. Now, you must decide which type of property to invest in. You can purchase rentals, which could be either commercial or residential. You can become a landlord and rent out a home or apartment. You can use your property as an Airbnb or a vacation rental.
If keeping a residential property isn’t something you’re interested in, you can opt for the commercial option. Or you can avoid renters and purchase property to flip for a quicker return. Before selecting a property, decide what your plans are for it and what goals you have in mind.
3. Know where you are investing?
When it comes to real estate investment, one of the most important factors is location. You don’t want to buy in an area just because the price is right, nor because you like it. Perform your due diligence also check the market value, the neighborhood, and what the location offers. The type of rental you’re interested in can help determine where to look.
Research the competition, and determine whether the property you’ve chosen is in a prime spot for its purpose. For residential or vacation rentals, consider the community, proximity to popular attractions, and way-of-life factors. For business rentals, check out the area’s population, parking, and demographics.
4. Buy property with growth in mind.
When you invest in real estate, you may eventually want to sell it, and you definitely would want to make a profit on it. Whether you intend to flip it immediately or hold on to it for a while, you’ll want to profit. The goal is to sell your property for more than you paid for it. For you to do so you will need to build your property value by making simple upgrades or additions, like maybe adding a smart system or maybe curtain glass. When you increase property value, you can sell it for more, and your hard work will pay off in a big way.
Real Estate investment in Turkey when done properly can be a highly successful business investment. Take your time and perform due diligence before deciding if real estate investment is right for you. Be sure you have the time and resources to dedicate to this investment strategy.